COATESVILLE ­— The long awaited revitalization of the city’s downtown district received a potential shot in the arm this week with a new real estate agreement centered around the sale of a Coatesville Redevelopment Authority-owned property.

At the authority’s May meeting, its members agreed to enter into a sale with a regional commercial real estate firm that will transfer ownership of the properties between 101-109 East Lincoln Highway. The authority, which currently owns the properties, said the site will be used as the key element for the development of 20,000 square feet of new commercial space and 40 to 60 upper floor apartments on the northeast corner of East Lincoln Highway and First Avenue (Route 82).

Redevelopment Authority officials said the plan is a critical first step to the resurgence of Coatesville’s downtown district.

“The Authority is very pleased to be able to help the City of Coatesville take this critical first step towards a new vision of downtown. When you add this project to the new train station, we are definitely moving in the right direction,” said Joseph DiSciullo, the chairman of the Coatesville Redevelopment Authority.

Advertisement

The authority intends to sell the properties to DEPG Coatesville Associates LP, an affiliate of regional broker Legend Properties. Jim DePetris a managing member of DEPG Coatesville Associates and CEO of Legend Properties, also expressed optimism that the project would bring a wide range of benefits to the city.

“DEPG is very enthused about developing this exciting mixed-use project in Coatesville. We have been active over the years in areas such as West Chester, Phoenixville, Coatesville, and Manayunk, bringing many retailers and restaurants to those communities in the early stages of development,” DePetris said. “We are confident that we will be able to do the same thing again in Coatesville. With the new train station coming to the city, we are sure that the market-rate apartments will be a success. DEPG appreciates the vote of confidence by the Redevelopment Authority in allowing us to be part of the revitalization of Coatesville.”

The agreement to transfer ownership of the property is just the first step in the overall plan, officials said. The buildings must be designed and engineered. Proper zoning, subdivision, and building approvals must be issued by the City, and the “traditional due diligence” must be done to ensure the project is commercially viable, DiSciullo said.

“A project of this size has been a rare occurrence for Coatesville lately and we will be undertaking a collective effort with DEPG and the city to help make it happen. The authority will also be working with the Chester County Economic Development Council to help bring the project to a successful outcome,” DiSciullo said.

The proposed site falls within the recently established Downtown Revitalization District and appears to have the support of city council.

“This is the kind of development that will build our tax base and bring new commercial and residential opportunities for downtown Coatesville. It is definitely in line with our downtown revitalization goals and we look forward to working with the developer on this exciting project,” said city council president Joe Hamrick.

The apartments above the planned commercial sites will be leased at market rate and will not be subsidized housing, according to Development Authority vice chairman Jack Burkholder, who said the authority is eager to get the project started.

Burkholder, who estimated the project could break ground in the next two years, said he hoped the development would be the first of many similar projects in the city.

“I hope that this leads to many other similar projects in the future,” Burkholder said.